“Despite Apple, General Motors and Toyota Motor rushing to invest in ride-hailing services, millennials still want to buy cars — for now,” James Detar reports for Investor’s Business Daily.
“Online lender LendingTree in a report Wednesday said of the auto loan requests it received from May 15, 2015 to May 15, 2016, about 33% came from applicants under 35 years of age,” Detar reports. “That’s up from 27% in early 2013.”
“The new data come amid fears that the popularity of ride-hailing services like Uber and Lyft is weighing on demand for cars,” Detar reports. “On Wednesday, BMW i Ventures, venture capital team founded by BMW in 2011, announced an investment of an undisclosed amount in Scoop Technologies, creators of the carpooling mobile app ‘Scoop.’ Meanwhile, Apple earlier this month said it would invest $1 billion in Didi, China’s top ride-sharing service. And in January, General Motors said it would invest $500 million in Lyft.”
Read more in the full article here.
MacDailyNews Take: If Apple feels there’s some idea worthy of investing billions, there’s likely a market for it.